Ahead of Our Brave Boys either falling foul of penalties or emerging victorious into the Quarter Finals, we have the small matter of the ongoing bloodbath in emerging markets. Our friend the EEM ETF was joined by the EMLC ETF in opening down into the new month:

1. Merkel wins, for now. Her interior minister Seehofer took her on over the EU migrant deal and now finds himself backed into a corner: either he caves into what Merkel brought back from the EU summit,

Various indicators suggest this upcoming Quarter End should see outflows from Equities and inflows into Fixed Income, along with USD buying due to Fed QT. The sharp options traders flag up that derivatives positions should actually lead to buying of SPX tomorrow into the close.